With the arrival of the new year, it may be a good time to review your affairs and ensure that they are in order. Here are a few items you may wish to consider.
– Do you have adequate coverage? See our earlier posts regarding third party liability limits and UMP coverage.
– Have there been any changes that affect the restrictions on your insurance policy (for example, are you starting a new job which will increase the length of your commute, or has one of your children reached driving age)?
Home and Condo Insurance:
– Do you have sufficient policy limits to replace your home and/or its contents in the event of a loss?
– Do you wish to consider increasing or reducing any of your deductibles?
– Are all of your home’s contents covered by your insurance? Remember that some valuable items, such as art work or jewelry, may not be covered by your basic homeowner’s insurance.
– Do you have coverage? Remember that your landlord’s insurance likely does not cover the contents of your rental premises.
– Does your policy limit accord with any coverage requirements in your lease agreement?
Life and Disability Insurance:
– Do you have sufficient coverage to meet your needs?
– Is the beneficiary of your life insurance named correctly?
– Is your will up-to-date?
– Are you are planning a wedding or experiencing the breakdown of a relationship? This may affect your current will and the way in which you wish to bequeath your estate.
– Have you thought about the person or people who you would wish to look after your children in the event of your death?
– Have you taken advantage of any strategies to reduce your tax burden?
– Do you need to change the structure of your company?
– Are you planning to buy or sell a business or home this year?
– Have you considered the tax implications of upcoming corporate transactions?
Do you have a succession plan?
A few minutes of thought now may help to prevent some unpleasant surprises down the road. Members of our Corporate/Commercial and Insurance practice groups can assist you with any queries you may have.
Contact DuMoulin Boskovich LLP for your legal needs.